ITFC arranges USD 5 million for BML

Signing ceremony of the facility agreement | Photo: Bank of Maldives

Male’, Maldives – Islamic Trade Finance Cooperation (ITFC) has approved a 5 million dollar financing facility for Bank of Maldives (BML) in order to aid small businesses.

BML stated that the 5 million dollars which has been arranged under the muraabaha financing facility is to aid the private businesses of the bank, those importing raw materials from international markets as well as small and middle class businesses.

CEO and Managing Director of BML Tim Sawyer said that BML is trying their best to support and aid businesses as the Covid-19 has brought about huge negative shifts in the country’s economy.

“We are very happy that such a trade financing had been approved in association with ITFC admist our efforts since this will help us to develop Maldivian businesses”, Sawyer said.

Speaking about the muraabaha financing facility, CEO of ITFC Iengy Haani Saleem Sonbol said that they are proud of the fact that they are able to help small and middle class businesses as well as introduce such a finance in association with BML to import goods.

“One of the main fundaments of our strategy  is to financially help small and middle class businesses in association with financial institutions such as Bank of Maldives. In addition to this it helps the economy of the country and they are able to take part in the international trading markets. It also improves trading amongst member countries of OIC and gives them a opportunity to grow their economy” CEO of ITFC.

This finance and free aid given by ITFC is to help the member countries of Organization of Islamic Corporation (OIC) such as  of Bangladesh, Egypt, Kyrgyzstan, Maldives and Senegal in terms of medicine, food and fertilizer to help these countries overcome the ongoing pandemic. This is also a part of the Covid-19 response package by the ISDB.

BML is the first bank to provide financial aid in Maldives in association with ITFC, which targets to help the private sector through local banks of different countries.